ASIC is investigating Ascent Investment and Coaching Pty Ltd (Ascent) and its director, Michael Jefferson Dunjey of Western Australia. ASIC’s investigation arose from concerns that: Ascent may have received funds from members of the public and these funds may have been improperly dealt with. Ascent may have been operating an unregistered managed investment scheme. Next...
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Former Australian Mines managing director fined $70,000, disqualified for two years
Former Australian Mines managing director, Benjamin Bell, has been fined $70,000 and disqualified from managing corporations for two years for breaching his duties as a director. The Federal Court decision comes after Mr Bell admitted he failed to act with the degree of care and diligence required of a director when he gave presentations at...
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Vaughan Bowen indicted on insider trading charges
Vaughan Bowen, of Brighton, Victoria, appeared on 10 May 2023 via his legal representative in the County Court of Victoria after being indicted on two counts of insider trading. The Commonwealth Director of Public Prosecutions (CDPP) formally indicted Mr Bowen on 10 May 2023 after the charges had previously been discharged following a contested committal...
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ASIC sues HCF Life for alleged unfair and misleading contract terms in insurance
ASIC has commenced civil proceedings in the Federal Court alleging that three types of insurance policies issued by HCF Life Insurance Company Pty Limited (HCF Life) contain unfair contract terms and could mislead the public. The case involves standard form contracts issued under HCF Life’s ‘Recover’ range of insurance products. ASIC alleges that the ‘pre-existing...
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European stock futures higher; BoE meeting in focus
European stock markets are expected to open higher Thursday, as investors digest the latest U.S. inflation figures ahead of the latest Bank of England policy-setting meeting. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.2% and the FTSE 100 futures contract in the...
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ASIC sharpens focus on credit and debt management
ASIC is warning credit providers and debt management firms that strong, targeted action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty is expected in the coming months as part of its continuing focus on protecting consumers. The warning comes after ASIC’s Enforcement and regulatory update highlighted over $30 million in civil...
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ESMA postpones to 2024 the annual IFRS amendment of the ESEF
he European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has decided to postpone to 2024 the amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS). This decision is in part due to the limited changes in the 2023 update to the International Financial Reporting Standards (IFRS) Taxonomy....
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FCA warns of impending Consumer Duty deadline
In a speech, given today, Sheldon Mills, Executive Director of Consumers and Competition at the FCA, warned that firms who ignore the Duty or who pose the most harm can expect swift action. Sheldon Mills said: ‘Our supervisory and enforcement approach will be proportionate to the harm – or risk of harm – to consumers,...
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Update on ASIC’s recent greenwashing actions
ASIC today released a short report detailing the 35 interventions it has made in response to its greenwashing surveillance activities from 1 July 2022 to 31 March 2023. The report also identifies the increasing levels of representations on environmental, social and governance credentials by listed companies, managed funds and superannuation funds. ASIC Deputy Chair Karen...
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ASIC cancels AFS licence of DGR Bloodstock Services Pty Ltd
ASIC has cancelled the Australian financial services (AFS) licence of DGR Bloodstock Services Pty Ltd (DGR). The licence authorised DGR to provide financial product advice and deal in interests in managed investment schemes limited to horse racing to retail and wholesale clients. ASIC cancelled the licence because DGR has ceased to carry on a financial...
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